India is set to have its first own mobile bitcoin wallet app.
The app, according to Verma, will allow Indians to perform Bitcoin transactions using their mobile phones by using their mobile number. By using a four-digit personal identification number (PIN), users can now buy, sell, store and spend bitcoins via a mobile number, Verma added.
He also said that the Reserve Bank of india was concerned about the use of cash for dealing in virtual currencies, whose values have turned volatile of late. â€œThe RBI considers bitcoins as decentralized trading that is completely unregulated. So their status is not clear,â€ he said. In India, there are at least 15 bitcoin exchange forums, with the majority being set up over the past two years.